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ICU Medical cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$83.4M in Q3 2026 · $209M over twelve months

Operating cash flow$99.6M
Capital spending−$16.2M
Free cash flow+$83.4M
Cash / net income3.7×
Cash conversion cycle162 days

Analysis

In Q3 2026, ICU Medical generated $99.6M of operating cash flow and spent $16.2M on capital projects, leaving free cash flow of $83.4M. That is $55.8M more than in Q3 2025 ($27.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $279M; the largest uses were net borrowing (+) / repaid (−) ($167M), capital spending ($70.6M), taxes on employees’ shares ($39.2M); besides operations, cash came from other investing ($7.0M), shares issued ($624K); the cash balance rose by $2.0M.

Operating cash flow was $99.6M against net income of $26.8M — 3.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$49.6M, receivables −$22.0M, accrued liabilities +$18.7M.

Its cash conversion cycle was 162 days (receivables 32 + inventory 172 − payables 41).

Free cash flow

ICU Medical: free cash flow by quarterICU Medical: free cash flow by quarter$62.5MQ2 2024$16.2MQ3 2024$36.7MQ1 2025−$8.5MQ2 2025$27.6MQ3 2025$27.6MQ1 2026$61.6MQ2 2026$83.4MQ3 2026
Operating cash flow less capital spending.
ICU Medical: operating cash flow against capital spendingICU Medical: operating cash flow against capital spendingOperating cash flowCapital spending$82.0M$19.5MQ2 2024$36.1M$19.9MQ3 2024$51.3M$14.6MQ1 2025$11.2M$19.7MQ2 2025$56.7M$29.1MQ3 2025$38.9M$11.3MQ1 2026$80.2M$18.5MQ2 2026$99.6M$16.2MQ3 2026
Latest (Q3 2026): Operating cash flow $99.6M, Capital spending $16.2M.

Capital allocation, year by year

ICU Medical: where the cash came from (up) and went (down), by fiscal yearICU Medical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $268MFY2021: Net borrowing −$607KFY2021: Shares issued $9.4MFY2021: Asset sales $218KFY2021: Capital spending −$68.5MFY2021: Acquisitions −$14.5MFY2021: Buybacks −$8.3M$277MFY2021FY2022: Operating cash flow −$62.1MFY2022: Net borrowing −$23.1MFY2022: Shares issued $8.8MFY2022: Asset sales $989KFY2022: Capital spending −$90.3MFY2022: Acquisitions −$1.8BFY2022: Buybacks −$10.9M$9.8MFY2022FY2023: Operating cash flow $166MFY2023: Net borrowing −$29.7MFY2023: Shares issued $4.0MFY2023: Asset sales $1.5MFY2023: Capital spending −$83.9MFY2023: Buybacks −$9.3M$172MFY2023FY2024: Operating cash flow $204MFY2024: Net borrowing −$52.1MFY2024: Shares issued $10.9MFY2024: Asset sales $746KFY2024: Capital spending −$79.4MFY2024: Buybacks −$12.0M$216MFY2024FY2025: Operating cash flow $180MFY2025: Net borrowing −$305MFY2025: Shares issued $6.1MFY2025: Asset sales $219MFY2025: Capital spending −$88.0MFY2025: Buybacks −$8.8M$405MFY2025
Over these 5 years operating cash flow totalled $755M; the largest uses were acquisitions ($1.9B) and net borrowing ($410M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$308M
Debt$1.3B
Net debt$977M
Due within a year$18.8M

ICU Medical funds itself: free cash flow was $209M over the last twelve months, and $308M of cash and investments stands against $1.3B of debt ($18.8M due within a year, 16.4× covered by cash).

ICU Medical: debt maturities by year (FY2025)ICU Medical: debt maturities by year (FY2025)$18.8MYear 1$18.8MYear 2$37.5MYear 3$582MYear 4$638MYear 5
Principal due in each year as disclosed in the annual report, against $308M of cash and investments now.

Where the cash came from and went

ICU Medical: sources (+) and uses (−) of cash, Q3 2026ICU Medical: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$99.6MNet borrowing (+) / repaid (−)−$80.7MCapital spending−$16.2MAsset & business sales$5.9MOther investing−$3.7MCash drawn (+) / kept (−)−$3.5MExchange rates−$1.2MTaxes on employees’ shares−$304K
ICU Medical: sources (+) and uses (−) of cash, TTM to Q3 2026ICU Medical: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$279MNet borrowing (+) / repaid (−)−$167MCapital spending−$70.6MTaxes on employees’ shares−$39.2MOther investing$7.0MOther financing−$4.0MExchange rates−$3.7MCash drawn (+) / kept (−)−$2.0MShares issued$624K

From profit to cash

ICU Medical: net income to operating cash flow, Q3 2026ICU Medical: net income to operating cash flow, Q3 2026Net income$26.8MDepreciation & amortization$49.6MStock-based pay$11.9MGains on disposals$91KOther non-cash$7.0MReceivables−$22.0MInventory−$2.3MPayables−$5.8MAccrued liabilities$18.7MPrepaid and other assets$7.8MOperating cash flow$99.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263217241162
Q2 20263217446160
Q1 20263217046156
Q3 20253217047155
Q2 20252916147144
Q1 20252613437123
Q3 20242516539151
Q2 20242316136148

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$99.6M−$16.2M−$80.7M—−$3.5M$83.4M
Q2 2026$80.2M−$18.5M−$50.6M$490K−$10.0M$61.6M
Q1 2026$38.9M−$11.3M−$5.3M—$19.6M$27.6M
Q3 2025$56.7M−$29.1M−$25.7M—$293K$27.6M
Q2 2025$11.2M−$19.7M−$201M$5.8M−$10.3M−$8.5M
Q1 2025$51.3M−$14.6M−$48.1M$133K$18.9M$36.7M
Q3 2024$36.1M−$19.9M−$13.0M$2.8M−$9.9M$16.2M
Q2 2024$82.0M−$19.5M−$13.0M$2.9M−$51.2M$62.5M

ICU Medical: income statement and cash flow

ICU Medical, Q3 2026: revenue $560M (+4% year over year), operating margin 9.3%. The chart follows the revenue to costs, profit and cash.

ICU Medical: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.